Petrobras has emerged as the time charterer of a DHT Holdings VLCC for at least 24 months, having struck two similar deals in May.
Brokers reported that the Brazilian state-owned oil major took the 319,713-dwt DHT Stallion (built 2018) for $41,800 per day on a two-year charter.
The contract can be extended by a further 12 months.
The non-scrubber eco-ship is said to be due for delivery in northern China in July.
New York-listed DHT said in a company update last week that the ship was fixed at the reported rate but did not name the charterer.
No further information is available from DHT. TradeWinds has approached Petrobras for comment.
In May, Petrobras chartered Euronav’s 314,000-dwt Simone (built 2012) and Neda Maritime’s 319,300-dwt Aragona (built 2012) for at least two years at $48,500 per day.
The charters for the non-scrubber ships are believed to be attached with options for one year’s extension.
Petrobras was also rumoured to have fixed two VLCCs from Cosco Shipping Energy Transportation at $38,000 per day for similar period lengths, but some Chinese sources said the information was inaccurate.
The sliding rates have reflected a weakening period charter market for tankers, in which activity is slow due to reduced floating storage requirements as major oil producers cut output.
Between May and July, Opec and its Russia-led allies have agreed to reduce crude production by 9.7m barrels per day as the Covid-19 pandemic hits demand.
The supply cut, coupled with signs of demand recovery amid relaxation of lockdown measures in major economies, has helped crude futures stage a price rebound since last month.
Braemar ACM Shipbroking said in a weekly note that the crude market is firmly in backwardation, which spells the end of tanker storage.
“Owners will struggle to slash their ideas [in the time charter market] against the continued onslaught of low spot returns,” it said.
“[They] will prefer to stay on the spot markets to ride out the storm into the second half of the year, where rates will not only typically pick up but are also expected to as economic demand picks up and normalcy returns.”
Global spot VLCC earnings averaged $28,800 per day as of Tuesday morning, according to Clarksons Platou Securities.
Equity analysts at Jefferies said in a note: “Looking ahead, the interplay between rising crude demand and the speed at which floating storage is destocked will determine how quickly transportation demand will recover.”
